Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 21st of May 2019
September 3, 2009

SkyEurope highlights the need for SAFI

by Gill Montia

Story link: SkyEurope highlights the need for SAFI

Reflecting on the demise of SkyEurope, the Slovakia-based budget airline that has collapsed leaving thousands of passengers stranded, International Passenger Protection (IPP) is reminding travellers of the benefits of financial failure insurance.

The firm, which operates the ProtectMyHoliday.com brand, points out that SkyEurope was marketing flights for this autumn as bankruptcy loomed, meaning that many of those who have booked directly with the airline will have lost their money.

Others left stranded by airline’s collapse may have to pay over the odds to secure a new ticket home.

However, more fortunate SkyEurope passengers will be able to claim on their travel insurance if their policy includes either Scheduled Airline Failure Insurance (SAFI) or End Supplier Cover.

In addition, credit cards offer financial protection in such circumstances under section 75 of the Consumer Protection Act, although there is usually a minimum spend of £100 and the non-flight costs incurred have to be met by the traveller.

IPP claims to be the leading supplier of SAFI worldwide and only last week, the firm reported a sharp increase in demand for protection against the failure of even established “legacy” carriers, such as British Airways.

 

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